London 1st of September : Laxman Narasimhan, the CEO of Dettol disinfectant maker Reckitt Benckiser recently announced his resignation in order to start the position of a new CEO in the US which has surprised investors after only three years as the CEO of the FTSE 100 company, media reports claimed.Narasimhan will retire as CEO of the company on September 30 despite working through the turnaround plan he had launched following his appointment in September, The Guardian reported.
The shares in the Slough-based company which also makes Durex condoms, Calgon detergent and Nurofen painkillers, fell 4.5 percent during the morning of Thursday.The company was valued at 48 billion pounds prior to the announcement.
Narasimhan stated: “I have been offered the chance to return to the United States and although it isn’t easy to leave, it’s the best choice for my family and me.”
Narasimhan was among of the highest-paid chief executives in the FTSE 100.He was paid a total of 6 million pounds in 2021 as well as 8.4 million pounds in 2020, as the company saw an increase in sales of disinfectants from shoppers who were concerned about their health in the Coronavirus pandemic.A part of his pay was tax advice to assist with his move to the US, The Guardian reported.
Senior Independent Director, and former British American Tobacco boss Nicandro Durante will take over in as interim chief executive while the company tries to find a permanent replacement.
Narasimhan’s departure comes as consumers and firms prepare for an expected recession in several major economies which includes the UK, with households’ spending power dwindling due to rising energy costs.
Reckitt has securing its profit in recent months by boosting prices by more than 10 percent.
17 shifts have been announced in the top position for FTSE 100 firms in 2022 at this point according to research conducted by AJ Bell, an investment platform.
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